The New York Times reports that Congress is set to pass a compromise bill that would renew and expand the Children's Health Insurance Program (CHIP). As previously noted, the House and Senate passed different versions of the bill back in early August.

The compromise worked out by negotiators would renew the child health program for five years, with a total of $60 billion, which is $35 billion more than the current level of spending. The additional cost would be financed by increasing the federal excise tax on cigarettes by 61 cents, to $1 a pack.

President Bush is expected to veto the bill, and supporters are trying to marshal the necessary two-thirds needed to override the anticipated veto. Current authorization for CHIP expires on Sept. 30th.